Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.
Impact
By mandating that a primary resident serves on the board, the bill enhances the accountability and responsiveness of these boards towards the residents they serve. This change is expected to promote better governance within residential cooperatives, potentially improving community relations and ensuring that directors are more attuned to the needs of the residents. Additionally, the bill prohibits cooperative housing corporations from charging any fees or payments without providing a minimum of thirty days written notice to their shareholders. This provision aims to increase transparency and protect the financial interests of residents.
Summary
Bill S09572 aims to amend the business corporation law and the not-for-profit corporation law in New York State. A significant provision of this bill is the requirement that at least one director on the board of a residential cooperative housing corporation must be a primary resident of that cooperative. This requirement seeks to ensure that the governance of these corporations includes individuals who have a direct stake in the community, thereby aligning the interests of the directors with those of the residents.
Contention
While the bill is largely seen as a positive step towards enhancing resident representation on boards, it may face opposition from those who argue that such requirements could limit the pool of potential directors and complicate board operations. Proponents of the bill believe that having directors who are also residents will lead to better decisions that directly affect the quality of life within the cooperative. Critics may argue that the requirement could impose undue restrictions on the governance structures, particularly in larger cooperatives where finding qualified residents to serve on the board might be challenging.
Same As
Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.
Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.
Requires the board of directors of a residential cooperative housing corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.
Requires the board of directors of a residential cooperative housing corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.
Construction: code; requirement for the state construction code to consist of certain international codes; eliminate and create an advisory committee. Amends sec. 4 of 1972 PA 230 (MCL 125.1504).
Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.